Industry

From ArticleWorld

The term Industry is used to define a group of businesses that all share a common way of obtaining a profit. Examples can be given in the “automobile industry”, the “movie industry”, the “music industry” or the “sheep industry”.

Terms

Beside from the term “industry” others are used in connection with it. For instance, “heavy industry” is a specially defined area of economic production that is mainly focused on manufacturing and is strongly linked with large investments before achieving profit. The largest industry, as assessed in 2004, is considered to be Financial Services. Its status is given if looking at the earnings possible and the ones that were achieved in it. Industry flourished in a period known as the Industrial Revolution. Several and quick advancements in technology have made it possible for industry to quickly evolve in Europe and North America. The mercantile economy was quickly replaced by it. After that period of time industry became the most important method of gaining profits and several Industrial Countries emerged as financial powers. Another usage of the term “industry” appears in economics and urban planning with a different form that is often mistaken. “Industrial” is used to describe a special type of land use.